Vibration Serviceability of Footbridges

Running Head: Marketing Opportunities
Marketing Opportunities
Name of the Student
Name of the University
Author’s Note

MARKETING OPPORTUNITIES1
Assignment 1
Identify and outline five examples of legislation and regulations that apply to the marketing
industry in Australia.
The Australian Consumer Law (ACL) is the national fair trading and consumer protection
law that promotes competition and fair trade in the business that benefits the consumers,
community and the market (Lunny, Nelson & Steinemann, 2017). The five examples of
legislation and regulations that apply to the marketing industry in Australia are:
i. Every state of Australia has the fair trade regulatory and can administer
the Australian Consumer Law. The act sets the responsibilities and
consumer right which includes return, contracts, warranties, advertising,
funding and marketing.
ii. The code of practice is the voluntary guideline that develops the industry
or the organization in the way they want to behave within the premises.
iii. It is a crucial part for the industry to legally protect the idea, design,
product and the business identity. The important part is to find about the
Intellectual property such patents or as trademarks (Bant, 2015).
iv. The requirement of the environment is important as the local water,
electricity and drainage facility. The restriction was these resources would
be a challenge for the industry to commute.
v. The use of Privacy Act 1988 is important for the industry to follow and
restore the information, use and the data collected. Do not call register is

MARKETING OPPORTUNITIES2
significant to check before making the marking activity (Van & Tarr,
2014).
Identify two relevant Codes of Practice for the marketing industry and outline the purpose
of the Code and its key components.
Marketing codes of practice can be defined as the set of standards that are set for
marketing and advertising to consult with the marketers which can minimize the risk associated
with it.
There are no specified law related to the code of conduct but safety of the organisation
and the employees and secondly catering to the health of the employees should be the main
criteria of the organisation (Van et al., 2014).
The purpose for code of practice which provides a voluntary guideline has an intention to
develop an industry or a business that species how an organization should behave as a group.
The information should link to the code that the industry is performing. Consulting an industry
specified fact sheet is recommended or a peak industry or membership association that is related
to the same industry (Kralevska et al., 2017).
The components of marketing code of practice are Mobile marketing, e-marketing,
telemarketing and marketing claims.
Explain each of following terms in relation to marketing opportunities: market
penetration, market development, product development and diversification.

MARKETING OPPORTUNITIES3
Marketing penetration in terms of marketing opportunities can be defined as how much
a product or a particular service is used by the potential customer as compared to total estimated
market for the specified product or service. It can also be used in developing strategies that is
employed to raise the market share in a particular product or service.
Market development is the growth strategy that identifies and develop in the new market
segment for the recent products. The marketing opportunity that will cater in case of
development will build up the strategy to target the non-buying customer in the market (Valeri &
Danielis, 2015).
Product development will assist the development in diversifying the target audience in
ranges and expand the new market segmentation. When a new product is launch in the market
the strategies will help to connect to the market and before they are dispatched to the consumer it
will help to create an excitement and build an interest in the market.
Diversification of the product are used in case to expand the business and introduce new
product in the product line. The marketing strategy will help the business to operate in the
functioning area of product, services, production criteria and manufacturing. When the new
venture is interconnected to the marketing opportunity it is called concentric diversification.
Explain each of the phases of the product life cycle.

MARKETING OPPORTUNITIES4
The product line cycle of the product can be explained as the process from the time the
product is first introduced in the market till the time it decline and gets removed from the market.
The four stages of Product life cycle are: introduction, growth, maturity and decline.
The introduction phase of the product deals with the introduction of its item in the
market and at this stage the product is often at high stake and the company makes it a point that
they spend more on promotion so that customers are aware of the product (Bilir, 2014).
Growth stage can be defined as the product gains an attention in the market and the
customers are making an effort to purchase them. The product gains an attention and as a result
the revenue starts to increase.
The maturity phase of the product has gained all its popularity and the sales are affected
as there are more of rival competitors around the market. The sales start to drop and the prices at
this stage tends to be competitive and the demand of the product is recorded to be lower. The
companies tend to set up new pricing technique or alter the product to reach different market
segment.
The last stage that is the decline stage is generally attempted to keep the product alive in
the maturity stage until the product decline and is inevitable from the market. The product sales
fall significantly and the customer behavior are changed which alternatively lower the demand
completely from the market (Hellweg & Canals, 2014).
The life cycle of the product is very evident in case of all kinds of product that are
introduced in the market.

MARKETING OPPORTUNITIES5
Explain the purpose
of the marketing mix and
each of its components.
Marketing mix comprises of the 4 P’s of marketing that are Product, Place, Price and
Promotion of a particular product which is known as Product Mix. Attached to the 4 P’s of
marketing mix there are three more P’ attached they are: Packaging, People and Physical
evidence. It is a crucial tool that the product offers to the customers. The purpose of marketing
mix is to control the marketing plan of the business. The seven components attached to the
functioning of the marketing mix are all interconnected to each other (Gordon et al., 2013). The
function is a step by step process starting from the introduction of the product idea to its reaching
to the target audience. The main 4 P’s of marketing mix are discussed below:
Price is the value of the product that is set for teach unit. The cost is depended on the cost
of production, segment target, demand-supply and direct and indirect factors.
Product is the item that is sold in the market.
Place can be referred to the point of sale. The main aim of the market is to plan its
location of sale and distribute its product according to the place and time.